There’s a lot happening in the real estate market these days, and the jury’s still out on whether or not we’re in a real recovery. Foreclosure rates remain high despite a national dip in foreclosure activity, and the mortgage industry continues to struggle. To top it off, the $25 billion settlement between the states and [...]
Preparing for an emergency is an important part of financial planning and of your retirement strategy. One financial or medical emergency can wipe out years of hard work and retirement planning and retirement savings without an emergency fund in place to take care of expenses. Meanwhile, keeping cash savings means that you can access what [...]
Q: Do you ever address strategic default on rental property? I owe $135,000 and the property is worth only $65,000. A: Strategic default – hardly any topic in real estate raises hackles quite like this one. If your property is worth less than you owe, and whatever reason, you can't get a loan modification that [...]
Q: How many years should you keep your income tax returns in case of an audit? A: You should keep your tax returns a minimum of 7 years. The IRS can come back and audit you for any reason up to 3 years from the filing date, but has the right to go back further [...]
Q: I have a possible buyer for my home and am selling it by myself. There is no agent involved on either side of the transaction. What are my responsibilities as a home seller? Are there any disclosures I have to make? There is no mortgage on the house. A: How fortunate you are to [...]
Q: You had mentioned on one of your shows that there would be a refinancing program coming available for FHA homeowners who have paid on time but are underwater with mortgage value. Do you have any more information as to when this will happen and who to contact to refinance? Also, do you know what [...]
Child identity theft protection is a hot button issue as predators look to take advantage of your child's clean history and credit score. Are you checking your kid's credit report and taking the proper precautions? Also the $25 billion mortgage settlement is finally approved. And as usual, providing personal finance advice, real estate advice and [...]
At first glance, the terms “travel” and “frugal” might not seem like they belong in the same sentence. If you’re tight with money, how could you possibly justify travel? You should be saving money! In our family, and in many other families, it’s all about setting priorities. My husband and I feel that travel is [...]
Q: My husband is 85. He is on 100 percent VA disability, plus homestead exemptions. Our home is paid for, and due to the exemptions we pay no taxes on it. If we deed our home to our children, but live in the house until our deaths, would the kids be taxed on the property [...]
Q: I have a fairly complicated situation but I'll make it as simple as possible. I have some debt and I'm wondering how to prioritize it. I have a second loan from a past foreclosure for $32,000. I have been negotiating with the bank (through my attorney) and the settlement price has come down to [...]
